What to look for when buying a home in Cape Town

Buying a house in Cape Town is a huge investment and a big financial commitment. Here’s what you need to consider in your decision-making process.

While Cape Town is one of South Africa’s most sought-after places to own a home, buying a house in the Mother City is a significant financial investment and therefore requires a lot of thought. To help you in your decision-making process, here are three things you need to consider before buying a property in Cape Town, written in collaboration with Private Property.

Choose the right location

While it’s important to carefully examine the property you’re buying, you should be even more mindful of the property’s location. In Cape Town, prices and how long it takes for a property to sell can literally differ from street to street, thus choosing the right location can mean significant differences in not only price, but also in things like safety, and amenities.

If you select the right location, in a couple of years’ time the house you are buying can have more than tripled in value. Checking out the area is as important as checking out the house, so get to know the area of a property for sale in Cape Town that you are interested in.

Pick the right property

Once you’re happy with the location you have chosen, the next critical thing to ensure is that you have chosen the right property. Ask yourself whether you are looking for a house that can accommodate a whole family, or whether it will be a holiday home you will be coming to for a personal retreat, or that you can use for student accommodation during the course of the year. Once you know what you’re looking for in a house, you can start viewing properties for sale.

You should try to view as many houses as you can, this makes you more aware of what is available in the market and will expand your choice. Also, keep in mind that you don’t only have to look at properties listed with estate agents. Your search should not be limited to just one or two agents.

The costs involved

Apart from the purchase price, there may be several other costs involved when buying a property in Cape Town. To avoid getting any unpleasant surprises, ensure there are no other costs that you may be unaware of before finalizing your budget.

See to it that you do enough research on the prices of recent sales in the neighbourhood as well as current property market conditions before you make an offer. Remember that estate agents are required to get the best price for the seller so asking them to give the price is not the wisest thing to do. You can also determine how fair an asking price is by looking at a property valuation report.

Buying a house in Cape Town is also a good investment, as the Mother City is ranked as one of the best cities in the world to reside and work in.